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China's oil giant expects 80% fall in net income due to oil prices slump
   2017-01-26 16:10:50    CRIENGLISH.com      Web Editor: Ding Xiaoxiao

China National Petroleum Corporation (PetroChina) warned that it is expecting net profits for 2016 to fall by up to 80 percent.

PetroChina's headquarter in Beijing [File photo: Baidu]

The company attributed the record-low profit to the slump in prices for crude oil and natural gas during 2016, commenting in its filing with the Hong Kong stock exchange.

PetroChina reported a net profit of 35.7 billion yuan (USD 5.2 billion) in 2015. That means the total profit for last year would be around 7.14 billion yuan.

According to the latest monthly report by OPEC, the OPEC Basket Price fell to USD 40.76 a barrel in 2016, the lowest since 2004.

PetroChina is the country's largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China.

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